Oobit is launching a new multifunctional gateway service for the cryptocurrency sector, with capabilities comparable to Skyscanner and LocalBitcoins mix. It will enable users to search and compare crypto prices across local sellers, along with local and global exchange platforms. Custody services are provided thanks to a partnership between Oobit and leading exchange Coinbase.
Price aggregator platforms are available across many sectors, such as travel (Skyscanner, Booking.com), retail (Google Shopping) and personal finance (NerdWallet.) However, until now, there haven’t been any comparable one-stop-shops for the cryptocurrency space, which is the gap that Oobit aims to address. The platform breaks down its service offering into various streams.
One Gateway - Many Features
Oobit Hunter is the aggregator part. It offers a peer-to-peer trading feature, with similarities to LocalBitcoins. Alongside this, Oobit Hunter also allows users to search and compare prices across different trading venues using an unique AI algorithm.
Both services could have an important role to play in the current economic climate, where the coronavirus is putting heavy deflationary pressure on national currencies. Providing the opportunity to connect local buyers and sellers, along with a guarantee of the best prices, should be attractive to those looking to convert their assets to crypto.
To facilitate easy trading across different exchanges, Oobit Pass allows users to complete a KYC check only once. When the user signs up for a participating exchange account after obtaining their Oobit Pass, the exchange will allow them to start trading immediately without undergoing another verification. This feature is also designed to remove the headache of KYC checks from exchanges. It uses advanced face and character recognition technology along with military-grade encryption to secure data and documentation.
Oobit also offers various other services, including Oobit Direct, which allows users to purchase crypto quickly and easily using a credit or debit card, and OobitxMap, which helps merchants integrate cryptocurrencies into their daily operations. Finally, Oobit Wallet, which uses the same secure custody account as the Coinbase Wallet.
The company is looking to expand its offering very soon, including adding more currencies to the Oobit Wallet and introducing a crypto-to-crypto exchange service.
Coinbase in the Headlines
Coinbase itself has recently been making headlines in the crypto press. The company recently surpassed the $200 million-mark for payments made via its crypto payments arm, Coinbase Commerce. According to Coindesk, which broke the news, there are now 8,000 merchants signed up to use the service, with Bitcoin the overwhelming currency of choice for participants. However, the company expects to see an increasing volume of stablecoins used for payment on Coinbase Commerce over the coming year.
In the days prior to this, Coinbase had confirmed it was rolling out support for various decentralized finance initiatives via the Coinbase Wallet. The Wallet already enabled users to swap between different cryptocurrencies within the user interface. Coinbase is now integrating popular DeFi dApps, including Compound and dYdX. This feature will help to break down the barriers for user adoption of DeFi, potentially encouraging more newcomers to this burgeoning space.
That said, DeFi users should understand the risks of putting their assets into DeFi. Earlier this year, one user managed to “hack” $350k from DeFi dApp bZx after exploiting a vulnerability in flash loans. Furthermore, during the recent market crash resulting from the global COVID-19 panic, Maker users were caught short when over $8m worth of loans on the platform were suddenly liquidated.